International Accounting Standards Board (IASB)’s Post

📢 Today marks a significant day in financial reporting, as the IASB introduces IFRS 18, aimed at improving transparency and comparability. Effective January 2027, this standard applies to all companies using IFRS Accounting Standards, with early application permitted. 🔑 Key enhancements include a standardized income statement with three categories - operating, investing, and financing, similar to the cash flow statement. This will ensure consistency and comparability, defining subtotals like operating profit. The new standard also mandates disclosure of management-defined performance measures related to the income statement, enhancing discipline and auditability. 📊 The improved information grouping offers detailed guidance on organizing financial statements, balancing detail and summary to aid investor analysis. Clearer transparency on operating expenses will be required. The impact of this shift in financial performance reporting is aimed at providing investors with a consistent basis for analysis. 📈 IFRS 18 replaces IAS 1, carrying forward many requirements but introducing crucial improvements to reflect the demands of today's financial landscape. Andreas Barckow, IASB Chair, highlights this as a monumental change in financial reporting, promising better investor insights and a unified framework for analysis. #IFRS18 #FinancialReporting #IASB #InvestmentDecisions

Our new standard IFRS 18 is bringing many changes to the presentation of statement of comprehensive income. To ensure that these changes can be adequately reflected in the digital reporting of companies, we are conducting some fieldwork exercises. we are looking for interested parties to work with our technical staff to test drive our proposals. #IASB #IFRSTaxonomy #digitaldata

Are you involved in tagging and using digital financial statements?    🔍 The #IASB is seeking your participation in a fieldwork exercise related to the proposed amendments to the IFRS Accounting Taxonomy.     These amendments reflect the new requirements introduced by the recently issued IFRS 18 Presentation and Disclosure in Financial Statements.    Your input can help the IASB assess the likely effects of these amendments.     We are asking stakeholders to express their interest by 14 June 2024.    Find out what this fieldwork exercise covers and how you can take part by watching this video featuring IASB Technical Staff members Juliane-Rebecca Upmeier and Kenny Ng. 📹    For the full details in the request for fieldwork participants, check out this PDF: https://lnkd.in/ehzxp6iG   Read about the proposed amendments to the IFRS Accounting Taxonomy: https://lnkd.in/ecfM4Vdb   #IFRSTaxonomy #XBRL #IFRSAccounting #investors #IFRS18 #preparers #digitaldata  

The new IFRS 18 standard enhances the information content and comparability of Primary Financial Statements, and has been designed with digital reporting in mind. Please do consider participating in this call from the IFRS Foundation's Juliane-Rebecca Upmeier amd Kenny Ng, to capture the new requirements surrounding mandatory sub-totals, and the way that MPMs are tagged. Jump in and participate in this testing in order to help shape reporting worldwide.

Can you please help us by participating in fieldwork? We need an effective taxonomy for IFRS 18. Your input is crucial for success. #ifrs #taxonomy #iasb

🔔 Webinar Alert: IFRS Updates and Their Implications on Financial Reporting 2024 🔔 Prepare to elevate your expertise and march ahead in the world of accounting with our latest webinar. Whether you're dealing with SMMEs, NPOs, or PBOs, staying updated with the latest in IFRS is crucial. Stay updated with the latest from SARS and upcoming events. Arm yourself with knowledge to navigate financial landscapes: What You Will Learn: ✅ Master the current IFRS Standard and its practical applications. ✅ Stay ahead with insights on the Third Edition Exposure Draft improvements. ✅ Gain a deep understanding of accounting for assets, including PPE and investment properties. ✅ Learn the application of IFRS in financial instruments, trade receivables, trade payables, and asset impairments. ✅ Enhance your disclosure skills in IFRS financial statements. Why Attend? IFRS has not seen significant updates since 2009, but the International Accounting Standards Board (IASB) continuously refines its standards to ensure relevance and effectiveness. Our webinar delves into these updates and the new Exposure Draft, providing you with the knowledge to apply these standards effectively and reap their benefits. 💻 Venue: Online - Join from anywhere 🕒 CPD: 3 🔗 Register Here: https://lnkd.in/dxxkrRQb 📕Read more here: https://lnkd.in/dYPG5HxQ #ArmyofAccountants #IFRSUpdates2024 #financialreporting #accountingwebinar

Can you help exploring how best to combine the benefits of IFRS 18 and digital reporting? The International Accounting Standards Board (IASB) is seeking fieldwork participants related to the proposed amendments to the IFRS Accounting Taxonomy for IFRS 18. More information is included below. #IFRSTaxonomy hashtag #XBRL hashtag #IFRSAccounting hashtag #investors hashtag #IFRS18 hashtag #preparers hashtag #digitaldata

IFRS 18 is a new IFRS Accounting Standard that is expected to be published in 2024 and will replace IAS 1, Presentation of Financial Statements. The main objective of IFRS 18 is to improve the comparability and transparency of companies’ performance reporting by introducing new presentation and disclosure requirements for financial statements. Some of the key changes that IFRS 18 will bring are: - A new subtotal of operating profit in the statement of profit or loss, which will be the starting point for the indirect method of reporting cash flows from operating activities. -A new classification of income and expenses into four categories: operating, investing, financing, and integral and non-integral associates and joint ventures. -A new definition of unusual income and expenses, which are those that have limited predictive value and are not expected to recur in the short term. -A new requirement to disclose management performance measures, which are subtotals of income and expenses that are not specified in IFRS 18 but are used by management to communicate the financial performance of the entity. -A new requirement to disclose reconciliations of management performance measures to the most directly comparable IFRS 18 subtotals or totals. IFRS 18 will be effective for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. Entities will have to apply IFRS 18 retrospectively, with some exemptions and reliefs. IFRS 18 will have a significant impact on how entities present and disclose their financial statements, and will require them to prepare for the transition well in advance.

IFRS 18, Presentation and Disclosure in Financial Statements, is just around the corner! The final output of the IASB's project on Primary Financial Statements will be published in a few weeks. I strongly recommend following the IASB’s communication about the new standard (#IFRS18). Even though the effective date is not until 1 January 2027, getting familiar with the new requirements will be crucial for every preparer, user, and auditor. This is because IFRS 18 may have significant implications for a company's financial statements. Stay tuned!

Let's get ready to embark on a journey to unlearn and relearn as we anticipate the release of a new accounting standard IFRS 18.